Zimswitch Reduces Market Discord

Zimswitch a company that was set up by Zimbabwean banks and also the current national payment switch has proved to be more efficient for mobile money transactions since it provides a safe mode of transactions especially in this Covid -19 pandemic.

Zimswitch platform is run by banks and private individuals which means the central bank’s endorsement gives added advantage over other competitors and Zimswitch were in place when Ecocash established its dominance and is the sole national electronic funds switch of Zimbabwe as the company processes domestic card based ATM and POS transactions between member financial institutions in real time.

The newly introduced platform will help the transacting public to make purchases easier and to make the payments of school fees in an easiest way as it works with all banks in Zimbabwe that are put on one system such that its easy for a  customer or banker  to easily transact their money using platforms as well as reducing cash shortages that people face because people  can easily transact their money into other people’s accounts and pay their dues .

Furthermore , the zimswitch platform has come to the rescue of the bankers or the workers as it save them a lot of time and with handling money which may have been affected by the corona virus and  this platform is wireless which allows for people not to be touching money and passing it to one person to the other .

Zimswitch  is also helping other networks since it is a bank platform which is coming to the rescue of mobile money platforms  like zippit therefore  zimswitch helps with the easy accessibility with money and in the future it will be the best if zimswith come up with tap card moving money and crypto to currency which will help reduce the spread of covid 19 .

Furthermore, Reserve Bank Of Zimbabwe, governor John Mangudya during the introduction zimswitch in August advised the public that  zimswitch has been designated as a national payment switch as it facilitates the common utilisation of industry infrastructure.

“In accordance with the provisions of the national payments act ( chapter 24;23 ) and the mobile banking and mobile money interoperability Regulations , Statutory Instrument 80 of 2020, the RBZ wishes to advise the public that it designated Zim Switch as a national payment switch with immediate effect.” John Mangudya said .

 


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